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Rates shown in this article are daily averages and not an offer to lend. Each applicant's rates and APRs will vary based on that applicant's credit profile, down payment, discount points, and other unique factors.
The average 30-year fixed mortgage rate is 6.78% according to the most recent available data. The 15-year fixed average is 6.32%.
Rates ticked slightly higher Wednesday even after the Federal Reserve held its benchmark rate steady, as bonds sold off modestly following the announcement.
Note that these numbers are averages, and not specific to any borrower. Real rates and APRs vary by borrower.
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Today's average mortgage rates by loan type
| Loan Type | Rate | Change |
|---|---|---|
| 30-Year Fixed | 6.78% | +0.02% |
| 15-Year Fixed | 6.32% | +0.01% |
| 30-Year Jumbo | 6.90% | +0.01% |
| 30-Year FHA | 6.36% | -0.01% |
| 30-Year VA | 6.37% | -0.02% |
| 7/6 SOFR ARM | 6.38% | -0.01% |
If you're refinancing rather than buying, check today's refinance rates separately, since refi pricing can move independently of purchase rates.
If you're comparing loan types, keep in mind rate and APR aren't the same thing. APR bakes in lender fees and points, so it's usually the better number for comparing offers apples-to-apples.
What's moving rates today?
Mortgage rates track the bond market, and Wednesday brought a bit of a paradox: the Federal Open Market Committee held the federal funds rate steady, as expected, yet bond yields rose and mortgage rates ticked higher anyway.
That's because the Fed doesn't set mortgage rates directly. It's the committee's language on inflation and the path ahead, more than the decision itself, that tends to move bond yields and mortgage pricing, and Wednesday's tone gave the market less reassurance than some had hoped for.
Rates remain close to the 13-month high of 6.85% reached the prior week, when bonds were under pressure from rising fuel prices tied to the conflict in Iran.
At its June meeting, the Federal Open Market Committee also held the federal funds rate steady, this time at 3.50%–3.75%. With no rate-setting meeting scheduled for several weeks, the market's attention now shifts back to incoming inflation and employment data for clues on the next move.
Should you lock your rate now?
A rate lock guarantees your interest rate for a set window of time, often 30 to 60 days, while your loan moves through processing and underwriting.
In a market like today's, where rates remain close to their highest level in over a year, locking sooner rather than later could protect you from further increases between now and closing.
The tradeoff: if rates fall after you lock, you're generally stuck with your locked rate unless your lender offers a float-down option. If you're still early in your home search with weeks or months before closing, you have more flexibility to wait. If you're close to an offer or already under contract, locking removes uncertainty from your monthly payment calculation.
Keep in mind your credit score, down payment size, and monthly debt commitments play a direct role in the rate you're offered. Most people do not get rates that match daily average rates.
Comparing multiple lenders and knowing how to shop around for mortgage rates are among the most reliable ways to land below the national average.
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How today's rate affects a monthly payment
A small interest rate change can translate into a noticeable difference in monthly payments. On a $350,000 loan at today's 30-year fixed average of 6.78%, principal and interest alone run about $2,277 a month.
The same loan, at 6%, would require $2,098 a month in principal and interest, a savings of about $179 a month.
Keep in mind these numbers show hypothetical loan scenarios designed to show how rates and payments interact. Your payment will be different. Also, these payment amounts do not include taxes, insurance premiums, and HOA fees, which vary by buyer.
What about 15-year vs 30-year payments at today's rates?
Some buyers, when average rates seem high, are drawn to the lower average rates listed for 15-year loans. Today's average 15-year rate is 6.32%, about half a percentage point lower than the 30-year fixed average.
15-year loans can offer significant savings in total interest paid, but there's a tradeoff: higher monthly payments. The same $350,000 loan borrowed over a 15-year term at 6.32% would require about $3,014 in principal and interest each month, about $737 more a month than the 30-year loan.
A 20-year loan can offer a middle-ground option. Or, 30-year borrowers can pay extra toward principal to save on interest while keeping the lower minimum payment.
Frequently asked questions
What's a good mortgage rate today if my credit score is around 680?
A 680 credit score is generally considered good, though not top-tier. You may see a rate above the very best advertised rates but below what a subprime borrower would be offered. Getting pre-approved is the only way to see your actual number — and it's worth knowing the difference between pre-qualification and pre-approval before you start.
Should I lock my rate now or wait to see if rates drop?
If you're within a few weeks of closing and rates have been elevated, as they have recently, locking now protects you from further increases. If you're early in your search with no offer yet, you have more room to wait and watch the market, since rates could move in either direction from here.
Why did mortgage rates go up even though the Fed didn't raise its rate?
The Fed's benchmark rate and mortgage rates aren't the same thing. Mortgage rates track bond yields, which move on the market's expectations for inflation and future Fed policy. When the Fed's tone on future rate cuts comes across as less certain than the bond market hoped, yields — and mortgage rates — can rise even without a change to the Fed's own rate.
Is a 15-year or 30-year fixed rate better if I'm buying my first home on a tight budget?
For most first-time buyers on a tight budget, a 30-year fixed loan is the more manageable choice since it lowers your required monthly payment, even though the 15-year carries a lower rate and saves more on total interest over time.
What's the risk of not locking my rate before closing?
Without a lock, your rate can move with the market right up until closing. If rates rise between your offer and your closing date, as they have over the past month, your monthly payment could end up higher than what you originally budgeted for.
Bottom line on today's rates
Rates ticked up slightly Wednesday despite the Fed holding steady, and they remain close to their highest point in over a year. With no Fed meeting on the immediate horizon, upcoming inflation and jobs data are likely to be the next catalysts for rate movement.
National averages are a useful benchmark, but your actual rate depends on your credit profile, loan type, and down payment.
A pre-approval can show rates based on your personal finances.
...in as little as 3 minutes – no credit impact
Rates and example payments shown above are based on daily averages and not an offer to lend. Each applicant's rates, APRs, and payment amounts will vary based on that applicant's credit profile, down payment, discount points, and other unique factors.
Today's figures reflect Wednesday's (July 29) settled close, the most recent available data at the time of publication. 30-year fixed, 15-year fixed, and jumbo rates are from Wednesday; FHA, VA, and ARM rates are from Monday, July 27, the most recent available for those loan types.